Northeast Florida’s residential market continued to tick along despite worries about increasing interest rates as nearly every measurable statistic posted year-over-year improvement.
“There was certainly plenty to worry over when the year began,” according to a report from the Northeast Florida Association of Realtors. “Aside from the new national leadership in Washington DC and the policy shifts that can occur during such transitions, there was the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices.
None of those stumbling blocks appears to have tripped up Northeast Florida home sales.
Pending sales are up 10.4 percent, average sales price is up 13.1 percent and buyers are receiving 95.1 percent of their original list price.
And with the home buying season not even in full swing, NEFAR appears optimistic about those numbers continuing to improve throughout 2017.
“As the economy improves, home sales tend to go up,” according to the report. “It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.”